Rep. Courtney Celebrates Crumbling Foundations Milestone: 1,000 Homeowners Received Relief through CFSIC
NORWICH, CT – RealEstateRama – Congressman Joe Courtney (CT-02) today applauded a major milestone for homeowners facing the crumbling foundation crisis. On Friday, the Connecticut Foundation Solutions Indemnity Company (CFSIC) announced that it has served over 1000 homeowners.
“This remarkable milestone of service underscores CFSIC’s life-changing role for Connecticut’s homeowners. CFSIC and my office have worked closely over the years to help reach this milestone. Its creation in 2017 by the Connecticut General Assembly was a bold move driven by a grassroots coalition of homeowners who had no other redress. My office worked with the IRS to ensure that CFSIC grants for repairs were not taxable by the federal government to homeowners and we also secured the organization’s non-profit status so it could receive philanthropic gifts and expand its reach.
“There are still many homes at risk from pyrrhotite damage, and it is critical that we redouble our efforts to stabilize the home and real estate markets in Connecticut that have been ravaged by this insidious defective concrete. I look forward to working with colleagues in the Connecticut Congressional delegation to advance my Casualty Loss Deduction Restoration Act to help achieve that goal. Thank you to Mike Maglaras, CFSIC President Steve Werbner and his team, the General Assembly, and Governor Lamont for your persistence and commitment to helping residents plagued by pyrrhotite and crumbling foundations,” Courtney said.
Michael Maglaras, Superintendent of CFSIC, commented, “We’ve reached the number 1,000 families served…we’re enormously pleased to be helping the victims of this crisis, literally one family at a time.”
Rep. Courtney has long supported CFSIC to ensure it can deliver relief to homeowners. In March 2019, thanks to Rep. Courtney’s leadership, CFSIC received its 501(c)(3) designation which has allowed CFSIC to receive tens of thousands of dollars in private donations in addition to the public money it received. Then, in April 2019, Reps. Courtney and Larson urged the IRS and finally received tax clarification from the IRS that homeowners impacted by crumbling foundations could claim additional crumbling foundations-related repairs.
More recently, federal funding Courtney secured allowed the Capital Regions Council of Government and CFSIC to launch the new Crumbling Foundation Remediation and Restoration program to help low- and moderate-income homeowners access financial assistance to repair damages caused by crumbling foundations.
To read Congressman Courtney’s history of helping homeowners with crumbling foundations, click here.
